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Journalize the following note receivable transaction. (10pts) June 12. Recelved a $120,000,120-day, 7% note dated June 12 from Coaxly Co, on account The note is
Journalize the following note receivable transaction. (10pts) June 12. Recelved a $120,000,120-day, 7% note dated June 12 from Coaxly Co, on account The note is dishonored by Coaxly Co. State your maturity date in the journal. Received the amount due on the dishonored note plus interest for 30 days at 8%. State the date in the journal. b. The allowance for doubtful accounts (AFDA) has a $900 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared at the end of the year, $17,000 of accounts receivable are estimated as the balance for the AFDA, Accounts receivable are estimated as the balance for the AFDA. Accounts Receivable has a balance of $104,000 at the end of the year. 1. Determine the amount of the adjusting entry (2pts) 11. Determine the amount of the adjusted balance for the AFDA. (2. PTS) 111. Calculate the net realizable vatue (NRV) of accounts receivable. (2 PTS) 16. What does net realizable value (NRV) of accounts recuivable mean (2pts) V. If the \% of iales inethod was used to entreate bud debts, determine the amount of the adjusted balance for the AF DA. annuming that it had the sime $900 debit inadjustad balance, (2pts)
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